A corporation issued 6,000 shares of its $2 par value common stock
in exchange for land that has a...

Question

A corporation issued 6,000 shares of its $2 par value common stock
in exchange for land that has a market value of $84,000. The entry to record this transaction would include:A credit to Common Stock for $84,000.A credit to Paid-in Capital in Excess of Par Value, Common Stock for $72,000.A debit to Land for $12,000.A debit to Common Stock for $12,000.A credit to Land for $12,000. What is the correct answer?

Sumit · Accepted Answer

The correct answer is 
Debit to land for $12,000
Credit to common Stock for $84,000
Credit to paid in Capital for $72,000

A corporation issued 6,000 shares of its $2 par value common stock in exchange for land that has a market value of $84,000. The entry to record this transaction would include:A credit to Common Stock...

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